My Fico score is very low (500s), My brother has excellent credit (750s) From reading this board he and I have gotten and idea to help me out. He is willing to add me as an AU on his amex and then get some other prime cards with high limits and add me to those. we have no intention of using the cards. Plan on cutting mine up and putting his in the sock draw. What I am trying to do is for every derog, equal it with a good tradeline. so if I have 3 postive tl and 8 derogs I want to be at 8 positve and the 8 derogs (which of course are the bain of my life the student loans) do you think it will help raise my scores. What say you?
Re: AU Question, Please read & resp kbanger, It helped me. I was added to a high limit, never late Citibank card years ago. The only downside is now it has a high usage and that is also included in my ratios. You are not responsible for the debt though. On the tradeline on my EX CR, it always has $1.00 for amount due. The age of the tradeline helps also. Last year when I applied for a HELOC, the report pulled by my credit union stated that my oldest tradeline was 257 months. The card that I am an AU on is that old. KK
Re: AU Question, Please read & resp KK thanks alot for the response, do you think that if the rradelines are new, like he applies and adds me it will hurt me alot. You know fico says if you apply for a lot of new credit you will take a hit. Does an AU also create a inquiry? I have one now and I do not see an inquiry from it, but it was before I ever started this journey. that is why I am trying to get more AU, if they will help. But again if they are new tradelines for him and a new AU for me will I take a big hit, I know i am being redundant, but i just want to make sure. The board has taught me to ask and check before one makes a stupid mistake. and thanks for the bump, at least KK came in and did not just window shop (lol) or where the rest of you like me no cash no credit so we just look (lol)
It WILL. Positive AU tradelines (never late/pays on time) that report the listing to the CRA's will help your score. You MAY even benefit from the age of the account (I believe - not certain about this) Amex should report. Citi reported all of mine. As to the others you will have to see if they report the listing or not. Have your brother call the CSR's of the cards he wants to put you on, and ask if they report AU accounts to the CRA's. KBanger, you can SEARCH the board and you won't have to wait for your answers...this question has been asked dozens of times. (just a tip because you wanted a quicker response to this question in another thread, not at all upset you asked) -Peace, Dave
Thanks again Big N/DAVE appreciate the attention. My other question is that after say 6 months of being an AU, is it easier to get something from the same company in your own name and if so, during the time that I am an AU should I use the card or just let it sit?
Depends on the company, but not so much...I would think for most, you will be under the same scrutiny and requirements as any other applicant. That depends on your brother doesn't it? ) But whether you do or do not, it will not affect your score. Only that he (and you) keep paying on time every time. -Peace, Dave
Here is a though. Ask your brother if he is on any kind of plan on the individual cards where he pays a monthly fee and is forgiven payment due to circumstances beyond his control. What worries me about those who use AU's to help there credit is that even if the Primary card holder is very responsible, he could loose his job , god-forbid get into an accident be on disability etc. Apparently these plans (Must read the fine print) will protect him and inturn ,you, when he signs up for them. It is easy to be removed as an AU from an acount but not always so easy to have the creditors delete info from your report. I am going through this now so I write from experience. It seems tragic but the only account holding me back right now is the one in which I was an authorized user. Just cover your bases. BTW, I am putting my husband as an AU on my accounts for the same reason. Good luck and let us know how your scores improve. Diane143
